Appraisal Management Company (AMC) Law Updated

Governor Abbott Has Signed SB 1516

SB 1516 amends Chapter 1104 to address some recent changes in federal law regarding the regulation of AMCs, to provide consistency in terminology, and to repeal some outdated provisions. The bill also makes some conforming changes to align Chapter 1104 with the amendments made last session to Chapter 1103, the appraiser licensing act administered by the Board.

The bill is effective September 1st, and full implementation will depend on federal rules currently awaiting final review and approval. The Board will make future announcements of specific federal action as it takes effect. Stay tuned.